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Press Release
FOR RELEASE: January 7, 2026

APOGEE ENTERPRISES REPORTS FISCAL 2026 THIRD QUARTER RESULTS

•Net sales increased 2.1% to $348.6 million
•EBITDA margin of 11.4% and adjusted EBITDA margin of 13.2%
•Diluted earnings per share of $0.77 and adjusted diluted earnings per share of $1.02
•Company updates fiscal 2026 outlook for net sales and adjusted diluted earnings per share

MINNEAPOLIS, MN, January 7, 2026 – Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today reported its results for the third quarter of fiscal 2026, ended November 29, 2025. The Company reported the following selected financial results:
Three Months Ended
(Unaudited, $ in thousands, except per share amounts)
November 29, 2025November 30, 2024% Change
Net sales$348,563 $341,344 2.1%
Net earnings $16,549 $20,989 (21.2)%
Diluted earnings per share$0.77$0.96(19.8)%
Additional Non-GAAP Measures (1)
Adjusted EBITDA$46,131 $45,803 0.7%
Adjusted EBITDA margin13.2 %13.4 %
Adjusted diluted earnings per share
$1.02$1.19(14.3)%

(1)
Earnings before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release.

“I’m proud of our team’s disciplined execution and agility during this transition. Despite a challenging environment, we delivered results in line with expectations and remain focused on serving customers with innovative products and exceptional service. Our strong operational foundation and balance sheet position us to navigate near-term challenges and drive sustainable long-term value,” said Donald Nolan, Executive Chair and CEO.


Consolidated Results (Third Quarter Fiscal 2026 compared to Third Quarter Fiscal 2025)



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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•Consolidated net sales increased 2.1%, to $348.6 million, driven by $18.4 million of inorganic sales contribution from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume.
•Gross margin decreased to 23.8%, compared to 26.1%, primarily due to the impact of lower volume and price, and higher aluminum, restructuring and health insurance costs, partially offset by lower incentive compensation expense.
•Selling, general and administrative (SG&A) expense as a percent of net sales decreased to 16.7%, compared to 17.7%. The decrease was primarily due to lower acquisition-related costs and lower incentive compensation expense, partially offset by higher amortization expense related to the UW Solutions acquisition and CEO transition costs.
•Operating income declined to $24.9 million from $28.6 million, and operating margin decreased 130 basis points to 7.1%.
•Adjusted EBITDA increased to $46.1 million, compared to $45.8 million, and adjusted EBITDA margin decreased to 13.2%, compared to 13.4%. The decrease in adjusted EBITDA margin was primarily driven by lower volume and price, higher aluminum and health insurance costs, partially offset by lower incentive compensation expense and benefits from cost savings related to Fortify Phase 2.
•Interest expense increased to $3.2 million, primarily due to a higher average debt balance resulting from the acquisition of UW Solutions in November 2024.
•Other income was $2.5 million, compared to $0.1 million. The change was primarily due to a $2.1 million gain related to a New Market Tax Credit recognized in the current period.
•Income tax expense as a percentage of earnings before income tax was 31.4%, compared to 24.1%. The increase in the effective tax rate was primarily driven by an increase in tax expense for discrete items.



Segment Results (Third Quarter Fiscal 2026 compared to Third Quarter Fiscal 2025)

Architectural Metals
Architectural Metals net sales were $124.4 million, compared to $138.0 million, primarily due to lower volume, partially offset by favorable price and product mix. Adjusted EBITDA was $16.8 million, or 13.5% of net sales, compared to $17.5 million, or 12.7% of net sales. The higher adjusted EBITDA margin was primarily driven by favorable productivity including cost savings related to Fortify Phase 2, lower incentive compensation expense, and favorable price and product mix, partially offset by lower volume.

Architectural Services
Architectural Services net sales were $105.2 million compared to $104.9 million, primarily due to increased volume. Adjusted EBITDA was $10.2 million, or 9.7% of net sales, compared to $10.0 million, or 9.5% of net sales. The increase in adjusted EBITDA margin was primarily driven by lower incentive compensation expense, partially offset by project mix. Segment backlog1 at the end of the quarter was $774.7 million, compared to $792.3 million at the end of the second quarter.

Architectural Glass
Architectural Glass net sales were $70.9 million, compared to $70.2 million, primarily due to increased volume and favorable mix, partially offset by lower price driven by end-market demand. Adjusted EBITDA was $11.5 million, or 16.3% of net sales, compared to $13.2 million, or 18.8% of net sales. The decrease in adjusted
1 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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EBITDA margin was primarily driven by lower price and higher material costs, partially offset by higher volume, favorable mix and lower incentive compensation expense.

Performance Surfaces
Performance Surfaces net sales were $53.0 million, compared to $33.2 million. Net sales included $18.4 million of inorganic sales contribution from the acquisition of UW Solutions and organic growth of 4.3%. Adjusted EBITDA was $11.9 million, or 22.5% of net sales compared to $7.8 million, or 23.6% of net sales. The decrease in adjusted EBITDA margin was primarily driven by the dilutive impact of lower adjusted EBITDA margin from UW Solutions and unfavorable productivity, partially offset by favorable product mix and price.

Corporate and Other
Corporate and other adjusted EBITDA expense was $4.3 million, compared to $2.7 million, primarily driven by higher health insurance costs.

Financial Condition
Net cash provided by operating activities in the third quarter was $29.3 million, compared to $31.0 million in the prior-year period. Fiscal year-to-date, net cash provided by operating activities was $66.6 million, compared to $95.1 million in the prior-year period. The year-to-date change was primarily driven by lower net earnings and an increase in cash used for working capital, including a net payment of $13.7 million for the settlement of an arbitration award. Fiscal year-to-date, net cash used in investing activities was $15.8 million, primarily related to capital expenditures. Fiscal year-to-date, the Company returned $16.6 million of cash to shareholders through dividend payments. Quarter-end long-term debt decreased $15 million from the end of the second quarter to $255.0 million, which decreased the Consolidated Leverage Ratio2 (as defined in the Company’s credit agreement) to 1.4x at the end of the quarter.

Project Fortify
As previously announced, in the first quarter of fiscal 2026, the Company began the second phase of Project Fortify (referred to as "Project Fortify Phase 2" or "Phase 2") to drive further cost efficiencies, primarily in the Architectural Services and Architectural Metals Segments. The Company is expanding the scope of Phase 2 to include further restructuring actions, primarily in Architectural Metals and Corporate. With the expanded scope, the Company now expects the actions of Phase 2 to incur a total of approximately $28 million to $29 million in pre-tax charges, and deliver estimated annualized pre-tax cost savings of approximately $25 million to $26 million. During the third quarter, the Company incurred $5.1 million of pre-tax costs associated with Phase 2. The Company expects the actions associated with Phase 2 to be substantially completed by the end of the fourth quarter of fiscal 2026.

Fiscal 2026 Outlook
The Company now expects net sales to be approximately $1.39 billion, diluted EPS in the range of $2.49 to $2.65 and adjusted diluted EPS in the range of $3.40 to $3.50. This includes a projected unfavorable EPS impact from tariffs of approximately $0.30. The Company’s revised outlook assumes an adjusted effective tax rate of approximately 27%. The Company now assumes capital expenditures between $25 million to $30 million.

Conference Call Information
The Company will host a conference call on January 7, 2026, at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call.

About Apogee Enterprises
2 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com.

Use of Non-GAAP Financial Measures
Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. Non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the Company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies. This release and other financial communications may contain the following non-GAAP measures:

•Adjusted net earnings, adjusted diluted EPS, and adjusted EBITDA are used by the Company to provide meaningful supplemental information about its operating performance by excluding amounts that are not considered part of core operating results to enhance comparability of results from period to period.
•Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization, and adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. We use adjusted EBITDA and adjusted EBITDA margin to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing recent results, trends, and variances of each segment in relation to forecasts and historical performance.
•Consolidated Leverage Ratio is calculated as Consolidated Funded Indebtedness minus Unrestricted Cash at the end of the current period, divided by Consolidated EBITDA (calculated as EBITDA plus certain non-cash charges and allowed addbacks, less certain non-cash income, plus the pro forma effect of acquisitions and certain pro forma run-rate cost savings for acquisitions and dispositions, as applicable for the trailing twelve months ended as of the current period). All capitalized and undefined terms used in this bullet are defined in the Company’s credit agreement dated July 19, 2024. The Company is unable to present a quantitative reconciliation of forward-looking expected Consolidated Leverage Ratio to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict all the necessary components of such GAAP financial measure without unreasonable effort or expense. In addition, the Company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors.
•Backlog is an operating measure used by management to assess future potential sales revenue. Backlog is defined as the dollar amount of signed contracts or firm orders, generally as a result of a competitive bidding process, which is expected to be recognized as revenue. It is most meaningful for the Architectural Services segment, due to the longer-term nature of their projects. Backlog is not a term defined under U.S. GAAP and is not a measure of contract profitability. Backlog should not be used as the sole indicator of future revenue because the Company has a substantial number of projects with short lead times that book-and-bill within the same reporting period that are not included in backlog.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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statements are qualified by factors that may affect the results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries and the potential impact of an economic downturn or recession; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) dependence on a relatively small number of customers in one operating segment; (H) financial and operating results that could differ from market expectations; (I) self-insurance risk related to a material product liability or other events for which the Company is liable; (J) maintaining our information technology systems and potential cybersecurity threats; (K) cost of regulatory compliance, including environmental regulations; (L) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including existing and potential future tariffs; (M) integration and future operating results of acquisitions, including but not limited to the acquisition of UW Solutions, and management of acquired contracts; (N) impairment of goodwill or indefinite-lived intangible assets; (O) our ability to successfully manage and implement our enterprise strategy; (P) our ability to maintain effective internal controls over financial reporting; (Q) our judgments regarding accounting for tax positions and resolution of tax disputes; (R) the impacts of cost inflation and interest rates; and (S) the impact of changes in capital and credit markets on our liquidity and cost of capital. The Company cautions investors that actual future results could differ materially from those described in the forward-looking statements and that other factors may in the future prove to be important in affecting the Company’s results, performance, prospects, or opportunities. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor can it assess the impact of each factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. More information concerning potential factors that could affect future financial results is included in the Company’s Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission.

Contact
Jeremy Steffan
Vice President, Investor Relations & Communications
952.346.3502
ir@apog.com




    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
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Apogee Enterprises, Inc.
Consolidated Condensed Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
(In thousands, except per share amounts)November 29, 2025November 30, 2024% ChangeNovember 29, 2025November 30, 2024% Change
Net sales$348,563 $341,344 2.1 %$1,053,379 $1,015,300 3.8 %
Cost of sales265,571 252,195 5.3 %812,654 729,975 11.3 %
Gross profit82,992 89,149 (6.9)%240,725 285,325 (15.6)%
Selling, general and administrative expenses58,113 60,520 (4.0)%182,026 173,350 5.0 %
Operating income24,879 28,629 (13.1)%58,699 111,975 (47.6)%
Interest expense, net3,227 1,044 209.1 %11,148 2,634 323.2 %
Other income, net(2,458)(60)3,996.7 %(6,916)(493)1,302.8 %
Earnings before income taxes24,110 27,645 (12.8)%54,467 109,834 (50.4)%
Income tax expense7,561 6,656 13.6 %16,956 27,268 (37.8)%
Net earnings$16,549 $20,989 (21.2)%$37,511 $82,566 (54.6)%
Basic earnings per share$0.78 $0.96 (18.8)%$1.76 $3.79 (53.6)%
Diluted earnings per share$0.77 $0.96 (19.8)%$1.74 $3.76 (53.7)%
Weighted average basic shares outstanding21,302 21,782 (2.2)%21,349 21,789 (2.0)%
Weighted average diluted shares outstanding21,592 21,917 (1.5)%21,568 21,937 (1.7)%
Cash dividends per common share$0.26 $0.25 4.0 %$0.78 $0.75 4.0 %


























    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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  Apogee Enterprises, Inc.
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)November 29, 2025March 1, 2025
Assets
Current assets
Cash and cash equivalents$41,315 $41,448 
Receivables, net176,588 185,590 
Inventories, net102,495 92,305 
Contract assets66,645 71,842 
Other current assets48,954 50,919 
Total current assets435,997 442,104 
Property, plant and equipment, net253,092 268,139 
Operating lease right-of-use assets50,903 62,314 
Goodwill236,386 235,775 
Intangible assets, net113,673 128,417 
Other non-current assets25,977 38,520 
Total assets$1,116,028 $1,175,269 
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable92,844 98,804 
Accrued compensation and benefits33,906 48,510 
Contract liabilities43,086 35,193 
Operating lease liabilities14,504 15,290 
Other current liabilities45,405 87,659 
Total current liabilities229,745 285,456 
Long-term debt255,000 285,000 
Non-current operating lease liabilities41,981 51,632 
Non-current self-insurance reserves32,180 30,382 
Other non-current liabilities44,831 34,901 
Total shareholders’ equity512,291 487,898 
Total liabilities and shareholders’ equity$1,116,028 $1,175,269 
















    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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Apogee Enterprises, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
(In thousands)November 29, 2025November 30, 2024
Operating Activities
Net earnings$37,511 $82,566 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization37,456 30,798 
Share-based compensation6,570 8,067 
Deferred income taxes16,762 5,109 
Loss on disposal of property, plant and equipment418 159 
Impairment on intangible assets7,418 — 
Settlement of New Markets Tax Credit transaction(6,740)— 
Non-cash lease expense10,901 9,926 
Other, net4,596 1,800 
Changes in operating assets and liabilities, net of business acquired:
Receivables9,431 (2,191)
Inventories(9,842)(8,284)
Contract assets5,317 (8,168)
Accounts payable(3,873)6,796 
Accrued compensation and benefits(14,782)(20,958)
Contract liabilities7,823 11,499 
Operating lease liability(10,628)(9,387)
Accrued income taxes(3,279)(6,498)
Other current assets and liabilities(28,437)(6,104)
Net cash provided by operating activities66,622 95,130 
Investing Activities
Capital expenditures(18,315)(24,696)
Proceeds from sales of property, plant and equipment1,606 744 
Purchases of marketable securities(550)(2,394)
Sales/maturities of marketable securities1,485 2,370 
Acquisition of business, net of cash acquired — (233,125)
Net cash used in investing activities(15,774)(257,101)
Financing Activities
Proceeds from revolving credit facilities80,000 95,201 
Repayment on revolving credit facilities(110,000)(115,201)
Proceeds from term loans— 250,000 
Repayment of term loans— (20,000)
Repurchase of common stock— (15,061)
Dividends paid(16,567)(16,238)
Payments of debt issuance costs— (3,798)
Other, net(5,342)(5,884)
Net cash (used in) provided by financing activities(51,909)169,019 
Effect of exchange rates on cash928 (409)
(Decrease) increase in cash, cash equivalents and restricted cash(133)6,639 
Cash, cash equivalents and restricted cash at beginning of period41,448 37,216 
Cash and cash equivalents at end of period$41,315 $43,855 
Non-cash Activity
Capital expenditures in accounts payable$970 $2,299 




    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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Apogee Enterprises, Inc.
Components of Changes in Net Sales
(Unaudited)
Three months ended November 29, 2025, compared with the three months ended November 30, 2024
(In thousands, except percentages)
Architectural Metals
Architectural Services
Architectural Glass
Performance Surfaces
Intersegment eliminations
Consolidated
Fiscal 2025 net sales$138,039 $104,921 $70,236 $33,196 $(5,048)$341,344 
Organic business (1)
(13,606)245 616 1,417 180 (11,148)
Acquisition (2)
— — — 18,367 — 18,367 
Fiscal 2026 net sales$124,433 $105,166 $70,852 $52,980 $(4,868)$348,563 
Total net sales growth (decline)(9.9)%0.2 %0.9 %59.6 %(3.6)%2.1 %
Organic business (1)
(9.9)%0.2 %0.9 %4.3 %(3.6)%(3.3)%
Acquisition (2)
— %— %— %55.3 %— %5.4 %
Nine months ended November 29, 2025, compared with the nine months ended November 30, 2024
(In thousands, except percentages)Architectural MetalsArchitectural ServicesArchitectural GlassPerformance SurfacesIntersegment eliminationsConsolidated
Fiscal 2025 net sales$412,561 $301,966 $247,040 $74,232 $(20,499)$1,015,300 
Organic business (1)
(18,570)10,195 (30,734)4,117 7,800 (27,192)
Acquisition (2)
— — — 65,271 — 65,271 
Fiscal 2026 net sales$393,991 $312,161 $216,306 $143,620 $(12,699)$1,053,379 
Total net sales growth (decline)(4.5)%3.4 %(12.4)%93.5 %(38.1)%3.8 %
Organic business (1)
(4.5)%3.4 %(12.4)%5.5 %(38.1)%(2.7)%
Acquisition (2)
— %— %— %87.9 %— %6.4 %

(1)
Organic business includes net sales associated with acquired product lines or geographies that occur after the first twelve months from the date the product line or business is acquired and net sales from internally developed product lines or businesses.
(2)The acquisition of UW Solutions, completed on November 4, 2024.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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Apogee Enterprises, Inc.
Business Segment Information
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands)November 29, 2025November 30, 2024% ChangeNovember 29, 2025November 30, 2024% Change
Segment net sales
Architectural Metals$124,433 $138,039 (9.9)%$393,991 $412,561 (4.5)%
Architectural Services105,166 104,921 0.2 %312,161 301,966 3.4 %
Architectural Glass70,852 70,236 0.9 %216,306 247,040 (12.4)%
Performance Surfaces52,980 33,196 59.6 %143,620 74,232 93.5 %
Total segment sales353,431 346,392 2.0 %1,066,078 1,035,799 2.9 %
Intersegment eliminations(4,868)(5,048)(3.6)%(12,699)(20,499)(38.1)%
Net sales$348,563 $341,344 2.1 %$1,053,379 $1,015,300 3.8 %
Segment adjusted EBITDA
Architectural Metals$16,750 $17,483 (4.2)%$46,946 $63,551 (26.1)%
Architectural Services10,198 9,994 2.0 %21,279 23,911 (11.0)%
Architectural Glass11,534 13,180 (12.5)%36,598 57,551 (36.4)%
Performance Surfaces11,921 7,828 52.3 %31,100 18,053 72.3 %
Corporate and Other(4,272)(2,682)59.3 %(11,040)(11,519)(4.2)%
Adjusted EBITDA$46,131 $45,803 0.7 %$124,883$151,547(17.6)%
Segment adjusted EBITDA margins
Architectural Metals13.5 %12.7 %11.9 %15.4 %
Architectural Services9.7 %9.5 %6.8 %7.9 %
Architectural Glass16.3 %18.8 %16.9 %23.3 %
Performance Surfaces22.5 %23.6 %21.7 %24.3 %
Corporate and OtherN/MN/MN/MN/M
Adjusted EBITDA margin13.2 %13.4 %11.9 %14.9 %
•N/M - Indicates calculation is not meaningful.
•Segment net sales is defined as net sales for a certain segment and includes revenue related to intersegment transactions.
•Net sales intersegment eliminations are reported separately to exclude these sales from our consolidated total.
•Adjusted EBITDA represents adjusted net earnings before interest, taxes, depreciation, and amortization.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
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Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
(Unaudited)
Three Months Ended November 29, 2025
(In thousands)Architectural MetalsArchitectural ServicesArchitectural GlassPerformance SurfacesCorporate and OtherConsolidated
Net earnings (loss) $12,264 $7,614 $8,248 $7,749 $(19,326)$16,549 
Interest expense (income), net430 (89)(174)— 3,060 3,227 
Income tax expense— — 81 — 7,480 7,561 
Depreciation and amortization3,662 809 3,379 3,913 753 12,516 
EBITDA16,356 8,334 11,534 11,662 (8,033)39,853 
Acquisition-related costs (1)
— — — 259 56 315 
Restructuring costs (2)
2,537 1,864 — — 679 5,080 
CEO transition costs (3)
— — — — 3,026 3,026 
NMTC settlement gain (4)
(2,143)— — — — (2,143)
Adjusted EBITDA$16,750 $10,198 $11,534 $11,921 $(4,272)$46,131 
EBITDA margin13.1 %7.9 %16.3 %22.0 %N/M11.4 %
Adjusted EBITDA margin13.5 %9.7 %16.3 %22.5 %N/M13.2 %


Three Months Ended November 30, 2024
(In thousands)Architectural MetalsArchitectural ServicesArchitectural GlassPerformance SurfacesCorporate and OtherConsolidated
Net earnings (loss)$12,146 $9,734 $10,115 $4,841 $(15,847)$20,989 
Interest expense (income), net563 (4)(121)— 606 1,044 
Income tax expense— — 117 — 6,539 6,656 
Depreciation and amortization3,932 981 3,069 2,461 691 11,134 
EBITDA16,641 10,711 13,180 7,302 (8,011)39,823 
Acquisition-related costs (1)
— — — 526 4,542 5,068 
Restructuring costs (2)
842 (717)— — 787 912 
Adjusted EBITDA$17,483 $9,994 $13,180 $7,828 $(2,682)$45,803 
EBITDA margin12.1 %10.2 %18.8 %22.0 %N/M11.7 %
Adjusted EBITDA margin12.7 %9.5 %18.8 %23.6 %N/M13.4 %


(1)Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition and excludes $0.8 million of backlog amortization added back as part of the depreciation and amortization above.
(2)Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2.
(3)Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
(4)Gain related to the settlement of a New Market Tax Credit transaction.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 12
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
(Unaudited)
Nine Months Ended November 29, 2025
(In thousands)Architectural MetalsArchitectural ServicesArchitectural GlassPerformance SurfacesCorporate and OtherConsolidated
Net earnings (loss)$36,806 $2,855 $26,880 $18,126 $(47,156)$37,511 
Interest expense (income), net1,331 (227)(450)— 10,494 11,148 
Income tax (benefit) expense(43)(8)198 — 16,809 16,956 
Depreciation and amortization11,229 2,789 9,970 11,251 2,217 37,456 
EBITDA49,323 5,409 36,598 29,377 (17,636)103,071 
Acquisition-related costs (1)
— — — 1,723 249 1,972 
Restructuring costs (2)
4,363 15,870 — — 3,321 23,554 
CEO transition costs (3)
— — — — 3,026 3,026 
NMTC settlement gain (4)
(6,740)— — — — (6,740)
Adjusted EBITDA$46,946 $21,279 $36,598 $31,100 $(11,040)$124,883 
EBITDA margin12.5 %1.7 %16.9 %20.5 %N/M9.8 %
Adjusted EBITDA margin11.9 %6.8 %16.9 %21.7 %N/M11.9 %

Nine Months Ended November 30, 2024
(In thousands)Architectural MetalsArchitectural ServicesArchitectural GlassPerformance SurfacesCorporate and OtherConsolidated
Net earnings (loss)$46,509 $21,460 $49,342 $13,481 $(48,226)$82,566 
Interest expense (income), net1,671 23 (317)— 1,257 2,634 
Income tax expense (benefit)7 — (632)— 27,893 27,268 
Depreciation and amortization12,609 2,887 9,158 4,046 2,098 30,798 
EBITDA60,796 24,370 57,551 17,527 (16,978)143,266 
Acquisition-related costs (1)
— — — 526 4,542 5,068 
Restructuring costs (2)
2,755 (459)— — 917 3,213 
Adjusted EBITDA$63,551 $23,911 $57,551 $18,053 $(11,519)$151,547 
EBITDA margin14.7 %8.1 %23.3 %23.6 %N/M14.1 %
Adjusted EBITDA margin15.4 %7.9 %23.3 %24.3 %N/M14.9 %

(1)Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition and excludes $0.8 million of backlog amortization added back as part of the depreciation and amortization above.
(2)Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2.
(3)Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
(4)Gain related to the settlement of a New Market Tax Credit transaction.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 13
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted diluted earnings per share
(Unaudited)
Three Months EndedNine Months Ended
(In thousands)November 29, 2025November 30, 2024November 29, 2025November 30, 2024
Net earnings$16,549 $20,989 $37,511 $82,566 
Acquisition-related costs (1)
315 5,873 1,972 5,873 
Restructuring costs (2)
5,080 912 23,554 3,213 
CEO transition costs (3)
3,026 — 3,026 — 
NMTC settlement gain (4)
(2,143)— (6,740)— 
Income tax impact on above adjustments (5)
(797)(1,662)(4,342)(2,226)
Adjusted net earnings$22,030 $26,112 $54,981 $89,426 
Three Months EndedNine Months Ended
November 29, 2025November 30, 2024November 29, 2025November 30, 2024
Diluted earnings per share$0.77 $0.96 $1.74 $3.76 
Acquisition-related costs (1)
0.01 0.27 0.09 0.27 
Restructuring costs (2)
0.24 0.04 1.09 0.15 
CEO transition costs (3)
0.14 — 0.14 — 
NMTC settlement gain (4)
(0.10)— (0.31)— 
Income tax impact on above adjustments (5)
(0.04)(0.08)(0.20)(0.10)
Adjusted diluted earnings per share$1.02 $1.19 $2.55 $4.08 
Weighted average diluted shares outstanding21,592 21,917 21,568 21,937 
(1)Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
(2)Restructuring costs related to Project Fortify. Costs incurred in fiscal year 2025 were associated with Phase 1 and costs incurred in fiscal year 2026 are associated with Phase 2.
(3)Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
(4)Gain related to the settlement of a New Market Tax Credit transaction.
(5)Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.



    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com
Apogee Enterprises, Inc.
Page 14


Apogee Enterprises, Inc.
Fiscal 2026 Outlook
Reconciliation of Fiscal 2026 outlook of estimated
Diluted Earnings per Share to Adjusted Diluted Earnings per Share
(Unaudited)
Fiscal Year Ending February 28, 2026
Low RangeHigh Range
Diluted earnings per share$2.49 $2.65 
Acquisition-related costs (1)
0.12 0.09 
Restructuring costs (2)
1.35 1.30 
CEO transition costs (3)
0.14 0.14 
New Market Tax Credit settlement gains (4)
(0.31)(0.31)
Income tax impact on above adjustments (5)
(0.39)(0.37)
Adjusted diluted earnings per share$3.40 $3.50 

(1)Acquisition-related costs include costs related to one-time expenses incurred to integrate the UW Solutions acquisition.
(2)Restructuring costs related to Project Fortify Phase 2.
(3)Transition costs related to departure of Chief Executive Officer during the third quarter of fiscal 2026.
(4)Gains related to the settlement of New Market Tax Credit transactions in the 2nd quarter and 3rd quarter.
(5)Income tax impact reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.





    

Apogee Enterprises, Inc. • 4400 West 78th Street • Minneapolis, MN 55435 • (952) 835-1874 • www.apog.com